IRVINE, Calif. - Wall Street player Milton "Todd" Ault III has pulled the plug on his X-rated financial venture Adult Entertainment Capital, abandoning porn and changing his investment firm's name back to Zealous Trading.
"While adult has great benefits, the abrupt change in the market has made it clear that a bold move in that direction is too far ahead of its time," Ault said. "The majority of our investors want us to take control of the situation and do what we do best. There has been a lot of support from within the company to make this change."
Zealous Trading Group will keep its Zealous Alternative Trading System (ZATS) under subsidiary company Zealous Capital Markets, LLC.
Adult Entertainment Capital launched in September with Ault as CEO. At the time, Ault announced that adult broadcast pioneer Mark Graff would be coming on board as vice chairman.
In light of the abrupt change in direction, Graff will not be coming on board. The firm's previously announced acquisition of ComedyNet and its planned sale of ZATS to Global Access Holdings have also been canceled.
AEC's portfolio included a stake in Stiletto magazine and the online content producer Rock Candy Entertainment.